251-301 Eco

251.In conducting their research, economists face an obstacle that not all scientists face; specifically, in
economics, it is often difficult and sometimes impossible to.

• a. make use of theory and observation.

• b. rely upon the scientific method.

• c. conduct laboratory experiments.

• d. find articles or books that were written before 1900.

252.The use of theory and observation is more difficult in economics than in sciences such as physics
due to the difficulty in

• a. performing an experiment in an economic system.

• b. applying mathematical methods to economic analysis.

• c. analyzing available data.

• d. formulating theories about economic event

253.Which of the following statements is (are) correct?

• a. Relative to other scientists, economists find it more difficult to generate useful data.

• b. Theory and observation are important in economics as well as in other sciences.

• c. To obtain data, economists often rely upon the natural experiments offered by history.

• d. All of the above are correct.

254.Because it is difficult for economists to use experiments to generate data, they generally must

• a. do without data.

• b. substitute assumptions for data when data are unavailable.

• c. rely upon hypothetical data that were previously concocted by other economists.

• d. use whatever data the world gives them.

255.Which of the following statements is correct?

• a. Economists almost always find it easy to conduct experiments in order to test their
  theories.

• b. Economics is not a true science because economists are not usually allowed to conduct
  experiments to test their theories.

• c. Economics is a social science rather than a true science because it cannot employ the
  scientific method.

• d. Economists are usually not allowed to conduct experiments, so they must rely on natural
  experiments offered by history.

256.Instead of conducting laboratory experiments to generate data to test their theories, economists often

• a. ask winners of the Nobel Prize in Economics to evaluate their theories.

• b. argue that data is impossible to collect in economics.

• c. gather data from historical episodes of economic change.

• d. assume that data would support their theories.

257.The most common data for testing economic theories come from

• a. carefully controlled and conducted laboratory experiments.

• b. computer models of economies.

• c. historical episodes of economic change.

• d. centrally planned economies.

258.In conducting their research, economists often substitute historical events and historical episodes for

• a. theories and observations.

• b. laboratory experiments.

• c. models.

• d. assumptions.

259.For economists, substitutes for laboratory experiments often come in the form of

• a. natural experiments offered by history.

• b. untested theories.

• c. "rules of thumb" and other such conveniences.

• d. reliance upon the wisdom of elders in the economics profession.

260.Economists regard events from the past as

• a. irrelevant, since history is unlikely to repeat itself.

• b. of limited interest, since those events seldom provide any useful economic data.

• c. interesting but not particularly valuable, since those events cannot be used to evaluate
  present-day economic theories.

• d. interesting and valuable, since those events are capable of helping us to understand the
  past, the present, and the future.